The Belle Hall real estate market did not escape the pull back in home buying in 2008. While the numbers are not nearly as bad as some parts of the country, we did have a difficult market during the year with a lot of pressure on pricing. As you all know, there are many subsections in Belle Hall Plantation which, in some cases, represent very different markets. That was the case in 2008, particularly for Hibben. There was more down side pressure on pricing in Hibben in 2008 and I thought it would be good to separate that subsection out in order to add some perspective to the numbers. So, the first set of 2008 and 2007 figures below is for all subsections of Belle Hall except for Hibben. Please note that there were no sales in Evian in 2008 and one sale in The Island section during the year. The data from that one sale is included below.
Belle Hall (excluding Hibben):
- Homes sold – 42 – down 25% from 2007
- Selling Price per square foot – $164 – down 7% from 2007
- Median Sales Price – $305,500 – down 6% from 2007
- Homes sold – 56
- Selling Price per square foot – $176
- Median Sales Price – $325,000
As you can see above, the number of homes sold in Belle Hall was down significantly in 2008, but prices fared a little better as the median price was only off 6%.
- Homes sold – 16 – down 30% from 2007
- Selling Price per square foot – $228 – down 10% from 2007
- Median Sales Price – $614,000 – down 16% from 2007
- Homes sold – 23
- Selling Price per square foot – $253
- Median Sales Price – $735,000
Inventory did not change much during the year. We started the year with 54 homes for sale and ended 2008 with 53 homes for sale. There are currently 5 homes under contract in Belle Hall – 1 in the Veranda, 1 in Battery Point and 3 in Hibben.
So, what’s in store for 2008? That’s the $64,000 question! First, buyers must regain some confidence in order for activity to pick up. The good news is that mortgage interest rates are incredible right now and they represent a once in a lifetime opportunity for buyers. Hopefully, that will help push the market in a positive direction this year. And, spring is coming. It is typically the best time of year for real estate, so the results from that period will be a big indicator of things to come.
Keep in mind that we are still in a buyer’s market. As long as inventory remains high, it will be a while before we return to a more “neutral” market. The inventory in Belle Hall has not shown any real signs of significant reduction in the last couple of years. To add some perspective on where we are with inventory, there were only 14 homes for sale in all of Belle Hall at the peak of the Seller’s market in August , 2005!! And, 79 homes sold that year in the neighborhood!!!
Please stay tuned to this site for more postings in the weeks and months to come. I will be providing you with real estate news for Belle Hall and other parts of the Mt. Pleasant market. Also, please go to www.BelleHallHomeInfo.com to see details on all homes currently for sale in the neighborhood.
Happy New Year!!
Keller Williams Realty